SoFi Technologies, a “one-stop shop” for digital financial services that helps members borrow, save, spend, invest and protect their money, has acquired Wyndham Capital Mortgage to scale its mortgage growth.
Wyndham Capital Mortgage is a FinTech mortgage lender which has helped more than 100,000 borrowers since its launch more than two decades ago.
The all cash transaction is not expected to be material to the company’s 2023 financial outlook, it is expected to be accretive within six months.
The acquisition, which includes the integration of both talent and technology from Wyndham Capital, will allow SoFi to broaden its suite of mortgage products available to members, enhance unit economics, and take ownership of an intelligent and scalable platform that has set the industry standard for a fully digital mortgage experience.
This “full stack” approach, SoFi added, is also intended to minimize its reliance on third-party partners and processes.
“At SoFi, we’re on a mission to help people get their money right and purchasing a home is often one of, if not the, biggest financial decision individuals make in their lives,” said Anthony Noto, CEO of SoFi Technologies, said “Several macro- and socioeconomic factors – high inflation and rising mortgage rates, the new world of work, and others – have ushered in a new era across the U.S. real estate market. These changing conditions mean it’s more important than ever that borrowers have a trusted partner they can look to as they go through the process of obtaining a mortgage for a home.
“Today’s acquisition of Wyndham Capital will not only allow us to scale and keep pace with accelerated growth, but also allow us to foster that growth in a way that brings value to our members through sales and operational efficiencies and helps members get their money right when it comes to one of life’s most significant financial milestones.”
Earlier this year, Acre, a mortgage intermediaries platform, has secured £6.5m in funding to grow its tech platform and change the home buying process.
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